Peru Economic Activity May 2018

Peru: Economic activity soars again in May

A strong expansion in exports of non-traditional products and robust domestic demand drove growth in May. Non-traditional exports rose on the back of growing sales of fishing, agriculture, textiles and chemical products to buyers abroad. Moreover, in the group of traditional products, exports of iron, silver, zinc, gold and natural gas recorded strong increases. On the domestic demand side, retail sales expanded solidly, and consumer credit gathered further pace compared to the previous month.

In terms of productive sectors, annual economic growth in May was broad-based, with the agriculture, fishing and manufacturing sectors leading the way.

Consequently, annual average variation in economic activity came in at an over one-year high of 3.6% in May, up from April’s 3.1%.

Peru GDP Forecast

LatinFocus Consensus Forecast panelists expect GDP will expand 4.0% in 2018, which is down 0.1 percentage points from last month’s projection. For 2019, the panel expects the economy to grow 3.4%.

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Peru Economic News

Peru’s trade balance recorded a USD 1,164 million surplus in June, the highest print so far this year, widening from May’s USD 544 million surplus as well as from the USD 790 million surplus recorded in the same month of last year.
Growth in exports remained robust in June, coming in at 17.5% year-on-year following May’s strong 18.8% increase.

The business confidence indicator ticked up to 59 in July from June’s 58, moving further above the 50-point threshold that separates optimism from pessimism.
Driving the increase in business sentiment was an improvement in expectations on the near-future, while expectations on the medium-term remained unchanged.

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